The volumes are very low which indicates sharks are not interested in the stock just yet. But the price being in the , it is time to look into it.
The here is formed by the fib retracements 1.414 and 1.618. The stock has fallen enough, if it bounces back from the with higher volumes, we can wait for a pullback test and then go long.
If it somehow comes to test the bottom of the , wait for the price action @ 272 for a day and then go long. If it manages to sustain below 260, go short. At point going long has the higher Risk Reward ratio.
The probability for the price sustaining below 260 is little, it may go below 260 to hunt longs' stop losses. The volumes when stock price crossed 260 for the first time are huge, so my stance here is neutral to long. I would not go short for positional trading.
Stop loss and profit booking levels for both long and short positions are mentioned on the chart.
As per your risk appetite choose the long or short position.
This is not investment advice. Please consult your financial adviser before investing. Thank you.